The solution is to open a Red Hat account on http://www.redhat.com/
Register your server using this command and your red hat account login and password:

# rhn_register

Yet another issue was, i did NOT have a valid product subscription for the RHEL 6.2 i installed!
Yet i badly needed to install some packages to get my server running; for example the ftp packages and other small packages.

Solution is that the installation media/DVD has these packages, so you can add a repo to point to your RHEL DVD. Nice :-), i managed to get this to work, continue reading: